Drafting Commercial Goods Warehousing Agreements on Behalf of Warehousers or Customers

Description

Warehousing is a multibillion dollar industry. Businesses involved in storing commercial goods face a number of legal risks and potential liability in the event of nonreceipt or misdescription of goods, delivery of goods to the wrong party, or failure to keep goods separate. Counsel advising warehousers and customers must understand how to negotiate warehousing agreements in accordance with Article 7 of the UCC and other applicable federal and state laws and how to draft provisions that effectively allocate risk and reduce liability exposure.

Indemnity and limitation of liability provisions are key risk mitigation provisions in warehousing agreements. In addition, warehousing contracts generally include minimum insurance requirement provisions to cover the risk of any reasonably foreseeable losses. Some agreements further require each party to the contract to add the other as an additional insured under their own insurance policy to maximize insurance coverage in the event of a loss. Other key provisions include scope of services, force majeure, confidentiality, termination and more.

Listen as our authoritative panel of business attorneys explains best practices for drafting and negotiating warehousing agreements and warehouse receipts. The panel will discuss considerations for counsel to warehousers and customers to minimize the risks and liability exposure inherent in storing commercial goods.